There are several steps you must complete in order to apply for financial aid. Follow these steps and you will be on your way to completing the process.
1. Free Application for Federal Student Aid (FAFSA): Complete the Free Application for Federal Student Aid (FAFSA) at https://fafsa.gov/. The Lindenwood University school code is 002480.
Lindenwood University participates in the following graduate federal student aid programs. Your eligibility for these programs will be determined by the FAFSA.
- Federal Direct Loans - Graduate students are typically eligible for up to $20,500.
- PLUS Loans - A credit-based loan for parent or graduate borrowers. The annual maximum is determined by the difference between the student’s cost of attendance and the total amount of other aid awarded for the academic year. PLUS loans have a fixed interest rate of 6.28% for the 2021-2022 academic year, and an origination fee of 4.228% for loans disbursed after October 1, 2020.
- TEACH Grant - Annual amounts up to $4,000 for students pursing a degree in a high-need field who agree to teach at an elementary or secondary school that serves students from low-income families.
- Federal Work Study - A need-based program through which students are paid hourly wages for part-time employment, typically on-campus.
2. First-time Lindenwood University Borrower Entrance Counseling: Any new Lindenwood borrower who wants to apply for a student loan must complete entrance counseling. The entrance counseling session is quick and easy and will provide useful tips and tools to help you manage your educational expenses. This online session will take about 20-30 minutes to complete. Lindenwood University will be notified electronically once your session is complete.
3. Master Promissory Note (MPN): Once you have completed the entrance counseling session it will be necessary for you to complete a Federal Direct Stafford Loan Master Promissory Note. Upon completion, Lindenwood University will be notified electronically of your application.
Consider the following steps if you wish to apply for additional funding:
4. Grad PLUS Loan: The William D. Ford Federal Direct Grad PLUS Loans are loans available to graduate and professional students to help pay for educational expenses up to the cost of attendance, minus all other financial assistance. Regardless of financial need, any graduate student can apply. This loan is credit based and a credit check will be performed by the U.S. Department of Education at the time of application. The credit check is valid for 180 days.
- If the student is approved for the Grad PLUS Loan, the student must complete the PLUS MPN for Graduate/Professional Students and the Plus Counseling in order to add the loan to the student account.
5. Alternative Loans: A Federal Direct Loan may not provide enough financing to meet your educational expenses. An alternative/private loan can play a major role to fill the gap. If you are considering an alternative/private loan to supplement your educational expenses, first be sure you have maximized all your aid eligibility under the federal aid programs.
Student Financial Services maintains a list of private lenders that have been selected for their favorable terms and conditions regarding interest rates, fees, repayment options, processing efficiency, customer support, and other borrower benefits and incentives. Consideration was also given to lenders that have been historically popular among Lindenwood students. To ensure current and accurate information is used to maintain the list, Student Financial Services conducts an annual review of the included lenders.
Students may use any lender, including those not on the list. Applicants are encouraged to apply with a co-signer who has a favorable credit history. Most private student loan borrowers have a co-signer.
Before using a private loan, students are strongly encouraged to explore their eligibility for state and federal student aid programs by completing the FAFSA.